Undone by aluminium: timeline of Albanese’s leadership at Rio

Some of the key points during Tom Albanese’s time as ceo of Rio Tinto. Albanese was ousted on January 17 as the company announced a further writedown of $14 billion

Some of the key points during Tom Albanese’s time as ceo of Rio Tinto. Albanese was ousted on January 17 as the company announced a further writedown of $14 billion

May 2007
Albanese takes over as ceo of major mining company Rio Tinto
Cash aluminium averages $2,794 per tonne on London Metal Exchange

July 2007
Rio Tinto puts in $38 billion bid for aluminium producer Alcan, beating off competition from Alcoa
Cash aluminium averages $2,732 on LME

August 2007
Rio secures $40 billion in financing for Alcan purchase
Cash aluminium averages $2,541 on LME

October 2007 – Rio announces it has all the necessary approvals to complete the purchase
Cash aluminium averages $2,442 on LME

November 2007 – BHP Billiton launches a bid to take over Rio
Cash aluminium averages $2,506 on LME

December 2007 – Albanese refuses to engage with BHP.
Cash aluminium averages $2,381 on LME

July 2008
Cash aluminium averages $3,070 on LME

Dec 2008
Cash aluminium averages $1,490 on LME

February 2009 – Rio agrees $19.5 billion cash injection from Chinese producer Chinalco to offset its heavy debts
Cash aluminium averages $1,330 on LME

June 2009 – Rio ditches Chinalco deal
Cash aluminium averages $1,573 on LME

June 2009 – Jan du Plessis says Albanese will stay on as ceo, defends Chinalco bailout decision
Cash aluminium averages $1,573 on LME

January 2011 – Rio Tinto concludes sale of majority stake in Rio Tinto Alcan’s engineered products division
Cash aluminium averages $2,439 on LME

June 2011 – Rio Tinto takes control of Riversdale Mining for $4 billion, a coking coal producer in Mozambique

Cash aluminium averages $2,662 on LME

October 2011 – Rio announces plans to sell its aluminium assets
Cash aluminium averages $2,171 on LME

February 2012 – Albanese turns down his bonus after a writedown of $8.86 billion
Cash aluminium averages $2,203 on LME

March 2012 - The company announces a date for the closure its Lynemouth smelter
Cash aluminium averages $2,182 on LME

January 17 2013 – Albanese steps down on a further writedown, this time of $14 billion, a large part of it from the aluminium assets Rio acquired at the start of his tenure as ceo and a big writedown on the coal assets it bought in Mozambique
Cash aluminium trades at $2.003/3.50 on an official basis

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